Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
This week's rebound has allowed Bitcoin to return to the ascending channel and resume the uptrend.Bitcoin
On the other hand, Trump’s influence has significantly impacted Bitcoin. His assassination and the speculation about his potential re-election have stirred market enthusiasm. Trump’s prior endorsement of Bitcoin and his upcoming speech at the Bitcoin Conference have fueled speculation that he might advocate for Bitcoin as a strategic reserve if re-elected.
Looking ahead, potential Fed rate cuts and the possibility of clearer crypto regulations under a elected Trump could further support Bitcoin’s ascent in the coming months.Bitcoin's technical outlook remains bullish, as indicated by the weekly chart. This week’s strong push towards the $60,000 level has reinforced the uptrend. However, to sustain this momentum, Bitcoin needs to hold support around $61,000.
Additionally, the daily chart shows signs of recovery in the short-term EMA values, which had been declining. Currently, the EMA values, ranging from $61,500 to $63,000, serve as dynamic support. As long as Bitcoin remains above these levels, it is likely to continue its upward trajectory.
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